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Triple Point Social Housing REIT posts modest NAV rise

Triple Point Social Housing

Triple Point Social Housing REIT reported a modest NAV increase of 1.7% in the year to 31 December 2021.

Highlights of the results are:

  • EPRA Net Tangible Assets (equal to IFRS net asset value) per share of 108.27 pence (2020: 106.42 pence), an increase of 1.7%
  • Portfolio independently valued at £642.0m (2020: £571.5m)
  • The portfolio’s total annualised rental income was £35.8m (2020: £31.6m)
  • Operating profit for the year was £35.2m (2020: £30.2m)
  • Dividends of 5.20 pence per share, 0.99x covered on an EPRA earnings run-rate basis.

Operational highlights

  • Acquired 44 properties (345 units) during the year for a total of £60.0m, bringing the total investment portfolio to 488 properties
  • Portfolio’s IFRS blended net initial yield is 5.25%, against the portfolio’s blended net initial yield on purchase of 5.90%
  • Weighted average unexpired lease term (WAULT) was 26.2 years
  • 100% of contracted rental income was either CPI or RPI linked
  • In August 2021, the group refinanced all of its £130.0m of drawn floating-rate debt and put in place £195.0m of long dated, fixed rate, interest only sustainability-linked loan notes through a private placement with MetLife Investment Management clients and Barings. The company was assigned an Investment Grade Long-Term Issuer Default Rating of ‘A-‘ with a stable outlook, and a senior secured rating of ‘A’ for the new loan notes.

Chris Phillips, chairman, commented: If the pandemic has taught us anything it is that the intersections of health, economic and societal factors are more profound than ever. We cannot tackle these issues alone, but we can be a responsible participator in the wider system. By delivering on our investment strategy we seek to make a positive contribution to society while delivering sustainable financial returns for our shareholders.

SOHO : Triple Point Social Housing REIT posts modest NAV rise

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